New Yorkers are reportedly the most anxious about retirement in the U.S., because duh
A new study by Gold IRA Custodians reveals that New Yorkers top the list for retirement anxiety, with a sky-high score of 81.08. That's right: More than any other state, New Yorkers are fretting over their golden years, thanks to a perfect storm of high living costs, uneven savings and a deeply embedded culture of financial angst.
The study pulled data from all 50 states, analyzing everything from average retirement savings to elderly poverty rates and Google search trends for phrases like 'will I ever be able to retire.' The result is a revealing snapshot of where retirement nerves are most frayed—and surprise, surprise, the Empire State came out on top.
Even with average household retirement savings hovering around $382,000, New York's cost of living, which is 23-percent higher than the national average, eats away at those nest eggs. Add to that the 16.9-percent of New Yorkers aged 55+ who have no retirement savings and a sobering 14.3-percent elderly poverty rate, and you've got a city that's panicked, not just anxious.
'New York exemplifies how high living costs can undermine even solid savings,' Tim Schmidt, founder of Gold IRA Custodians, said. 'When your daily expenses are 23-percent above the national average, the same retirement nest egg simply doesn't stretch as far.'
Hawaii and Rhode Island round out the top three most anxious states, largely due to similar pressures from sky-high prices and shaky financial preparedness. On the flip side, Iowa claims the lowest anxiety score in the country (49.35), combining strong savings habits with a cost of living that doesn't make your wallet scream.
The lesson? Where you live plays a massive role in how confident—or terrified—you feel about retirement. '[It] isn't simply about how much money people have saved,' Schmidt explained. 'Rather, it's about whether those savings can sustain their lifestyle in their specific location.'
Until the L train starts accepting 401(k) contributions or rent drops below 'you've got to be kidding,' don't expect New Yorkers to chill about retirement anytime soon.
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